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FOMC Chairman Jerome Powell is delivering his remarks on the Federal Reserve’s response to the coronavirus crisis before the Senate Banking Committee.

Key quotes

“Fiscal support from Congress has been at the heart of recovery.”

“Fed’s unemployment forecast reflects the expectation for labour force participation to rise.”

“We are monitoring, modelling supply bottlenecks; expect effects to be temporary.”

“Rise in bond yields reflects a sense of the improved economic outlook.”

“Would be concerned if it were not an orderly process  or if conditions tightened to threaten the recovery”

Market reaction

Market participants don’t seem to be paying any mind to these comments. As of writing, the US Dollar Index was up 0.22% on the day at 92.53.